Cash flow Ares Capital Corporation

Stocks

ARCC

US04010L1035

Investment Management & Fund Operators

Market Closed - Nasdaq Other stock markets 04:00:00 2026-06-11 pm EDT			5-day change	1st Jan Change
19.07 ^USD	+0.16%		+0.90%	-5.73%

Jun. 08	Ares Capital Launches $1 Billion Commercial Paper Program	MT
Jun. 08	Ares Capital Establishes $1 Billion Commercial Paper Program	MT

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Published financial data: ARES CAPITAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	306M	153M	92M	172M	185M
Interest And Invest. Income (Rev)	1.51B	1.94B	2.52B	2.82B	2.87B
Total Revenues	1.82B	2.1B	2.61B	2.99B	3.05B
Gross Profit	1.82B	2.1B	2.61B	2.99B	3.05B
Selling General & Admin Expenses, Total	678M	494M	746M	799M	801M
Other Operating Expenses, Total	678M	494M	746M	799M	801M
Operating Income	1.14B	1.6B	1.87B	2.19B	2.25B
Interest Expense, Total	-339M	-441M	-566M	-698M	-769M
Net Interest Expenses	-339M	-441M	-566M	-698M	-769M
Currency Exchange Gains (Loss)	9M	45M	-18M	55M	-47M
Other Non Operating Income (Expenses)	-33M	-14M	-16M	-17M	-24M
EBT, Excl. Unusual Items	779M	1.19B	1.27B	1.53B	1.41B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	860M	-489M	274M	78M	-13M
Other Unusual Items	-43M	-48M	-	-14M	-
EBT, Incl. Unusual Items	1.6B	655M	1.54B	1.6B	1.4B
Income Tax Expense	29M	55M	20M	73M	99M
Earnings From Continuing Operations	1.57B	600M	1.52B	1.52B	1.3B
Net Income to Company	1.57B	600M	1.52B	1.52B	1.3B
Net Income - (IS)	1.57B	600M	1.52B	1.52B	1.3B
Net Income to Common Incl Extra Items	1.57B	600M	1.52B	1.52B	1.3B
Net Income to Common Excl. Extra Items	1.57B	600M	1.52B	1.52B	1.3B
Per Share Items
Net EPS - Basic	3.51	1.2	2.75	2.44	1.86
Basic EPS - Continuing Operations	3.51	1.2	2.75	2.44	1.86
Basic Weighted Average Shares Outstanding	446M	498M	554M	624M	699M
Net EPS - Diluted	3.51	1.19	2.68	2.44	1.86
Diluted EPS - Continuing Operations	3.51	1.19	2.68	2.44	1.86
Diluted Weighted Average Shares Outstanding	446M	518M	575M	624M	699M
Normalized Basic EPS	1.09	1.5	1.43	1.53	1.26
Normalized Diluted EPS	1.09	1.44	1.38	1.53	1.26
Dividend Per Share	1.62	1.75	1.92	1.92	1.92
Payout Ratio	44.29	142	67.74	74.84	97.31
Supplemental Items
EBITDA	-	-	-	-	-
EBITA	1.14B	1.6B	1.87B	2.19B	2.25B
EBIT	1.14B	1.6B	1.87B	2.19B	2.25B
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	1.82B	2.1B	2.61B	2.99B	3.05B
Effective Tax Rate - (Ratio)	1.82	8.4	1.3	4.58	7.08
Normalized Net Income	487M	745M	792M	957M	882M
Interest on Long-Term Debt	376M	4M	-	6M	-
Supplemental Operating Expense Items
General and Administrative Expenses	677M	494M	746M	799M	801M
Net Rental Expense, Total	1M	0	0	-	-
Imputed Operating Lease Interest Expense	275K	0	0	-	-
Imputed Operating Lease Depreciation	725K	0	0	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	372M	303M	535M	635M	638M
Trading Asset Securities, Total	-	-	-	-	77M
Total Cash And Short Term Investments	372M	303M	535M	635M	715M
Accounts Receivable, Total	222M	180M	261M	516M	605M
Total Receivables	222M	180M	261M	516M	605M
Restricted Cash	114M	34M	29M	225M	286M
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	708M	517M	825M	1.38B	1.61B
Net Property Plant And Equipment	27M	20M	10M	-	-
Long-term Investments	20.01B	21.78B	22.89B	26.72B	29.48B
Other Long-Term Assets, Total	99M	81M	76M	156M	144M
Total Assets	20.84B	22.4B	23.8B	28.25B	31.24B
Liabilities
Accounts Payable, Total	302M	130M	94M	361M	86M
Accrued Expenses, Total	401M	302M	398M	471M	481M
Short-term Borrowings	20M	57M	32M	29M	32M
Current Portion of Long-Term Debt	1M	-	1.3B	1.85B	2.09B
Current Portion of Leases	15M	16M	6M	-	-
Other Current Liabilities	-	-	24M	24M	168M
Total Current Liabilities	739M	505M	1.86B	2.74B	2.86B
Long-Term Debt	11.09B	12.29B	10.62B	11.9B	13.9B
Long-Term Leases	28M	15M	11M	-	-
Deferred Tax Liability Non Current	-	-	87M	92M	28M
Other Non Current Liabilities	114M	34M	29M	163M	131M
Total Liabilities	11.98B	12.84B	12.6B	14.9B	16.92B
Common Stock, Total	-	1M	1M	1M	1M
Additional Paid In Capital	8.55B	9.56B	10.74B	12.5B	13.36B
Retained Earnings	315M	-2M	462M	852M	958M
Total Common Equity	8.87B	9.56B	11.2B	13.36B	14.32B
Total Equity	8.87B	9.56B	11.2B	13.36B	14.32B
Total Liabilities And Equity	20.84B	22.4B	23.8B	28.25B	31.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	479M	531M	582M	671M	718M
ECS Total Common Shares Outstanding	468M	519M	582M	672M	718M
Book Value / Share	18.95	18.41	19.25	19.87	19.94
Tangible Book Value	8.87B	9.56B	11.2B	13.36B	14.32B
Tangible Book Value Per Share	18.95	18.41	19.25	19.87	19.94
Total Debt	11.16B	12.38B	11.97B	13.79B	16.02B
Net Debt	10.79B	12.07B	11.43B	13.15B	15.31B
Debt Equivalent Oper. Leases	8M	0	0	-	-
Account Code - Inventory Valuation	3	3	3	3	3

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.57B	600M	1.52B	1.52B	1.3B
Depreciation & Amortization - CF	-	-	-	-	-
Depreciation & Amortization, Total	-	-	-	-	-
Amortization of Deferred Charges, Total - (CF)	31M	26M	31M	33M	34M
(Gain) Loss on Sale of Investments - (CF)	-885M	431M	-274M	-150M	99M
Other Operating Activities, Total	-3.38B	-2.27B	-799M	-3.72B	-3.07B
Change In Accounts Receivable	-24M	-34M	-60M	-45M	-2M
Change In Accounts Payable	27M	11M	24M	24M	-115M
Change in Other Net Operating Assets	205M	-124M	67M	211M	35M
Cash from Operations	-2.46B	-1.36B	511M	-2.13B	-1.72B
Long-Term Debt Issued, Total	19.39B	7.96B	5.22B	13.24B	12.53B
Total Debt Issued	19.39B	7.96B	5.22B	13.24B	12.53B
Long-Term Debt Repaid, Total	-16.83B	-6.82B	-5.6B	-10.98B	-10.37B
Total Debt Repaid	-16.83B	-6.82B	-5.6B	-10.98B	-10.37B
Issuance of Common Stock	819M	1B	1.16B	1.36B	928M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-694M	-852M	-1.03B	-1.14B	-1.26B
Common & Preferred Stock Dividends Paid	-694M	-852M	-1.03B	-1.14B	-1.26B
Special Dividend Paid	-	-60M	-	-	-
Other Financing Activities, Total	-64M	-16M	-20M	-59M	-45M
Cash from Financing	2.62B	1.21B	-284M	2.42B	1.78B
Net Change in Cash	160M	-149M	227M	296M	64M
Supplemental Items
Cash Interest Paid	310M	402M	524M	676M	750M
Cash Income Tax Paid (Refund)	26M	39M	36M	66M	163M
Levered Free Cash Flow	847M	602M	875M	838M	689M
Unlevered Free Cash Flow	1.03B	851M	1.2B	1.24B	1.14B
Change In Net Working Capital	-314M	150M	-30M	128M	271M
Net Debt Issued / Repaid	2.56B	1.14B	-388M	2.26B	2.16B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.85	4.63	5.05	5.26	4.73
Return on Total Capital	3.99	4.77	5.18	5.45	4.89
Return On Equity %	19.53	6.51	14.67	12.4	9.39
Return on Common Equity	19.53	6.51	14.67	12.4	9.39
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	37.25	23.57	28.54	26.72	26.24
EBITDA Margin %	-	-	-	-	-
EBITA Margin %	62.75	76.43	71.46	73.28	73.75
EBIT Margin %	62.75	76.43	71.46	73.28	73.75
Income From Continuing Operations Margin %	86.1	28.63	58.22	50.9	42.56
Net Income Margin %	86.1	28.63	58.22	50.9	42.56
Net Avail. For Common Margin %	86.1	28.63	58.22	50.9	42.56
Normalized Net Income Margin	26.75	35.54	30.32	32	28.89
Levered Free Cash Flow Margin	46.53	28.7	33.46	28.03	22.58
Unlevered Free Cash Flow Margin	56.47	40.61	45.81	41.52	37.22
Asset Turnover
Asset Turnover	0.1	0.1	0.11	0.11	0.1
Fixed Assets Turnover	56	89.19	174.27	-	-
Receivables Turnover (Average Receivables)	1.38	0.76	0.42	0.44	0.33
Short Term Liquidity
Current Ratio	0.96	1.02	0.44	0.5	0.56
Quick Ratio	0.8	0.96	0.43	0.42	0.46
Operating Cash Flow to Current Liabilities	-3.33	-2.69	0.28	-0.78	-0.6
Days Sales Outstanding (Average Receivables)	265.4	479.51	874.81	826.69	1.11K
Long Term Solvency
Total Debt/Equity	125.82	129.53	106.84	103.24	111.91
Total Debt / Total Capital	55.72	56.43	51.65	50.8	52.81
LT Debt/Equity	125.42	128.77	94.88	89.14	97.06
Long-Term Debt / Total Capital	55.54	56.1	45.87	43.86	45.8
Total Liabilities / Total Assets	57.45	57.34	52.94	52.73	54.16
EBIT / Interest Expense	3.37	3.63	3.3	3.14	2.93
EBITDA / Interest Expense	3.37	3.63	-	-	-
(EBITDA - Capex) / Interest Expense	3.37	3.63	-	-	-
Total Debt / EBITDA	9.76	7.72	-	-	-
Net Debt / EBITDA	9.44	7.53	-	-	-
Total Debt / (EBITDA - Capex)	9.76	7.72	-	-	-
Net Debt / (EBITDA - Capex)	9.44	7.53	-	-	-
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	20.45	15.16	24.71	14.38	2.07
Gross Profit, 1 Yr. Growth %	20.45	15.16	24.71	14.38	2.07
EBITDA, 1 Yr. Growth %	-	-	-	-	-
EBITA, 1 Yr. Growth %	1.06	40.28	16.6	17.29	2.74
EBIT, 1 Yr. Growth %	1.06	40.28	16.6	17.29	2.74
Earnings From Cont. Operations, 1 Yr. Growth %	223.76	-61.71	153.67	0	-14.65
Net Income, 1 Yr. Growth %	223.76	-61.71	153.67	0	-14.65
Normalized Net Income, 1 Yr. Growth %	-2.01	53.02	6.38	20.74	-7.84
Diluted EPS Before Extra, 1 Yr. Growth %	207.79	-66.06	124.71	-8.87	-23.81
Accounts Receivable, 1 Yr. Growth %	-0.45	-18.92	45	97.7	17.25
Net Property, Plant and Equip., 1 Yr. Growth %	-28.95	-25.93	-50	-	-
Total Assets, 1 Yr. Growth %	28.69	7.46	6.26	18.71	10.55
Tangible Book Value, 1 Yr. Growth %	23.58	7.75	17.23	19.23	7.21
Common Equity, 1 Yr. Growth %	23.58	7.75	17.23	19.23	7.21
Cash From Operations, 1 Yr. Growth %	323.97	-44.73	-137.6	-516.44	-19.31
Levered Free Cash Flow, 1 Yr. Growth %	100.09	-29.04	49.88	-6.01	-17.76
Unlevered Free Cash Flow, 1 Yr. Growth %	76.51	-17.25	44.41	2.21	-8.5
Dividend Per Share, 1 Yr. Growth %	1.25	8.02	9.71	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.14	17.78	19.84	19.44	8.05
Gross Profit, 2 Yr. CAGR %	9.14	17.78	19.84	19.44	8.05
EBITDA, 2 Yr. CAGR %	-	-	-	-	-
EBITA, 2 Yr. CAGR %	1.07	19.07	27.9	16.95	9.77
EBIT, 2 Yr. CAGR %	1.07	19.07	27.9	16.95	9.77
Earnings From Cont. Operations, 2 Yr. CAGR %	40.57	11.34	-1.45	59.27	-7.62
Net Income, 2 Yr. CAGR %	40.57	11.34	-1.45	59.27	-7.62
Normalized Net Income, 2 Yr. CAGR %	-5.65	22.45	27.58	13.33	5.49
Diluted EPS Before Extra, 2 Yr. CAGR %	37.54	2.22	-12.68	43.1	-16.67
Accounts Receivable, 2 Yr. CAGR %	30.18	-10.16	8.43	69.31	52.25
Net Property, Plant and Equip., 2 Yr. CAGR %	-46.41	-27.45	-39.14	-	-
Total Assets, 2 Yr. CAGR %	18.25	17.6	6.86	12.31	14.56
Tangible Book Value, 2 Yr. CAGR %	8.98	15.39	12.39	18.22	13.06
Common Equity, 2 Yr. CAGR %	8.98	15.39	12.39	18.22	13.06
Cash From Operations, 2 Yr. CAGR %	41.11	53.07	-54.41	25.13	83.31
Levered Free Cash Flow, 2 Yr. CAGR %	35.63	20.39	2.96	20.74	-11.59
Unlevered Free Cash Flow, 2 Yr. CAGR %	30.47	20.91	7.89	22.35	-3.29
Dividend Per Share, 2 Yr. CAGR %	0.62	4.58	8.87	4.74	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.83	11.11	20.05	18	13.34
Gross Profit, 3 Yr. CAGR %	10.83	11.11	20.05	18	13.34
EBITDA, 3 Yr. CAGR %	-	-	-	-	-
EBITA, 3 Yr. CAGR %	6.22	12.74	18.24	24.26	12
EBIT, 3 Yr. CAGR %	6.22	12.74	18.24	24.26	12
Earnings From Cont. Operations, 3 Yr. CAGR %	22.23	-8.88	46.51	-0.97	29.37
Net Income, 3 Yr. CAGR %	22.23	-8.88	46.51	-0.97	29.37
Normalized Net Income, 3 Yr. CAGR %	1.64	10.86	16.84	25.26	5.78
Diluted EPS Before Extra, 3 Yr. CAGR %	20.46	-13.76	32.91	-11.43	15.98
Accounts Receivable, 3 Yr. CAGR %	29.17	11.17	5.38	32.46	49.79
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-40.3	-35.92	-	-
Total Assets, 3 Yr. CAGR %	17.36	14.54	13.69	10.67	11.72
Tangible Book Value, 3 Yr. CAGR %	6.7	8.57	16	14.62	14.43
Common Equity, 3 Yr. CAGR %	6.7	8.57	16	14.62	14.43
Cash From Operations, 3 Yr. CAGR %	100.74	3.24	-4.13	-4.7	8.11
Levered Free Cash Flow, 3 Yr. CAGR %	24.13	9.33	28.2	0.52	6.24
Unlevered Free Cash Flow, 3 Yr. CAGR %	21.25	12.13	27.17	6.46	11.06
Dividend Per Share, 3 Yr. CAGR %	1.7	3.03	6.27	5.83	3.14
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.45	12.56	14.35	14.37	15.1
Gross Profit, 5 Yr. CAGR %	12.45	12.56	14.35	14.37	15.1
EBITDA, 5 Yr. CAGR %	-	-	-	-	-
EBITA, 5 Yr. CAGR %	9.79	16.24	14.41	14.4	14.78
EBIT, 5 Yr. CAGR %	9.79	16.24	14.41	14.4	14.78
Earnings From Cont. Operations, 5 Yr. CAGR %	27.02	-2.1	12.15	13.93	21.83
Net Income, 5 Yr. CAGR %	27.02	-2.1	12.15	13.93	21.83
Normalized Net Income, 5 Yr. CAGR %	8.21	18.83	11.31	11.84	12.16
Diluted EPS Before Extra, 5 Yr. CAGR %	18.41	-5.37	5.89	5.6	10.27
Accounts Receivable, 5 Yr. CAGR %	9.5	13.88	20.44	31.55	22.09
Total Assets, 5 Yr. CAGR %	17.66	12.65	13.04	13.64	14.04
Tangible Book Value, 5 Yr. CAGR %	11.42	6.13	8.94	12.33	14.82
Common Equity, 5 Yr. CAGR %	11.42	6.13	8.94	12.33	14.82
Cash From Operations, 5 Yr. CAGR %	28.31	-7.87	10.95	11.5	24.24
Levered Free Cash Flow, 5 Yr. CAGR %	19.93	0.69	14.59	12.73	10.67
Unlevered Free Cash Flow, 5 Yr. CAGR %	18.79	4.05	15.74	15.51	14.3
Dividend Per Share, 5 Yr. CAGR %	1.28	2.86	4.51	3.71	3.71